FIN.

FCA updates on SMCR final rules

FCA has still not made its final rules on the SMCR.  It cannot do so until Treasury has published the necessary commencement order.  FCA says it has been working with Treasury on this, and has agreed with it a later commencement date for benchmark administrators (which FCA has not specified in this update).

To date, FCA has published a few sets of near final rules, on the main SMCR, its extension to CMCs and on the Directory of financial services workers and consulted on some further improvements. Once Treasury publishes the Commencement Order (which again, FCA has not specified), FCA will make its final rules.

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Emma Radmore